HALIFAX, April 13 /CNW/ - Clarke Inc. ("Clarke") has started the second
quarter by realizing estimated investment gains of approximately $12.1 million
before income taxes.
Clarke has sold its shares in FPI Limited ("FPI"). Clarke realized an
estimated gain before income taxes of approximately $5.7 million in connection
with this sale. George Armoyan, CEO and President of Clarke, has also resigned
from the board of FPI. "I wish the board of directors and the management of
FPI all the best in the future", said Mr. Armoyan.
In addition, Clarke redeemed its units in Entertainment One Income Fund
("EOF") as part of EOF's previously announced acquisition by a company
established for the purpose of this transaction by Marwyn Investment
Management LLP ("Marwyn"). The EOF transaction was previously announced on
February 14, 2007. Clarke realized an estimated gain before income taxes of
approximately $6.4 million in connection with this transaction.
"These gains illustrate our ongoing focus on creating value for our
shareholders through strategic investments", said George Armoyan, "Clarke has
a good track record on investment performance and we will continue to seek out
opportunities to bolster shareholder value."
Clarke's investment activity is influenced by timing and market
conditions as well as its ability to uncover hidden value by working with the
management teams of our investments and therefore there can be no assurance
that investment activities will result in continuing investment gains.
Clarke Inc. is the Halifax-based parent company of a number of
wholly-owned operating companies and divisions, and is an activist catalyst
investor with a diversified portfolio of strategic and opportunistic
investments. Clarke's operating companies are in the transportation services
business. From time to time, Clarke also participates in joint ventures when
they offer the opportunity to create shareholder value. Led by George Armoyan
and an entrepreneurial team of professionals focused on uncovering and
creating value, Clarke invests in undervalued businesses and participates
actively where necessary to enhance performance and increase returns. In 2006
alone, Clarke delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto Stock Exchange
(CKI, CKI.DB, CKI.DB.A); for more information about Clarke, please visit our
website at www.clarkeinc.com.
Certain statements in this news release may contain forward-looking
statements about future operations, financial results, objectives and
strategies of the Company. Forward-looking statements are typically identified
by the words "believe", "expect", "anticipate", "intend", "estimate", and
similar expressions. These statements are necessarily based on estimates and
assumptions that are inherently subject to risks and uncertainties, many of
which are beyond the Clarke's control.
Actual results may differ materially from expected results if known or
unknown risks affect the business, or if estimates or assumptions used in the
preparation of the consolidated financial statements and information and
analysis in this news release turn out to be inaccurate. As a result, there
can be no guarantee that any forward-looking statement will materialize.
Management disclaims any intention, and assumes no obligation, to update any
forward-looking statement, even if new information becomes available, as a
result of future events or for any other reason. Readers are urged to consider
these and other such factors carefully, and not place undue emphasis on the
Clarke's forward-looking statements.
For further information:
For further information: Melinda Lee, Vice President, Investments,
Clarke Inc., (902) 442-3420, Fax: (902) 423-4001